益丰药房：公司简评报告：业绩稳健增长，门店稳步扩张

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock in the near term [10]. Core Insights - The company has demonstrated steady revenue growth, with total revenue of 11.762 billion yuan in H1 2024, reflecting a year-on-year increase of 9.86%. The net profit attributable to shareholders reached 798 million yuan, up 13.13% year-on-year [10]. - The company is focusing on regional expansion, having opened 1,575 new stores during the reporting period, including 842 self-built stores and 293 acquired stores. The total number of chain pharmacies reached 14,736, a year-on-year increase of 27.25% [10]. - The retail business is developing steadily, with retail revenue of 10.398 billion yuan in H1 2024, a year-on-year increase of 8.32%. The gross margin for retail was 40.94% [10]. - The company is actively building a new retail system in the pharmaceutical sector, with a total membership of 96.16 million, a year-on-year growth of 23.84%. Membership sales accounted for 77% of total sales [10]. - The company is expected to see net profits of 1.740 billion yuan, 2.128 billion yuan, and 2.584 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.43 yuan, 1.76 yuan, and 2.13 yuan [10]. Summary by Sections Financial Performance - In H1 2024, the company achieved total revenue of 11.762 billion yuan, a 9.86% increase year-on-year, and a net profit of 798 million yuan, up 13.13% [10]. - The gross margin for H1 2024 was 40.05%, with a net profit margin of 7.31% [10]. Store Expansion - The company opened 1,575 new stores in the reporting period, including 842 self-built and 293 acquired stores, resulting in a total of 14,736 chain pharmacies nationwide, a 27.25% increase year-on-year [10]. Business Segments - Retail revenue reached 10.398 billion yuan, growing 8.32% year-on-year, while wholesale revenue was 999 million yuan, increasing by 20.91% [10]. - The company’s high-margin traditional Chinese medicine segment saw significant growth, with revenue of 1.165 billion yuan, a 14.82% increase year-on-year [10]. Membership and New Retail Initiatives - The company has built a membership base of 96.16 million, a 23.84% increase year-on-year, with membership sales contributing 77% to total sales [10]. - Internet sales revenue reached 1.096 billion yuan, a 20.18% increase year-on-year, with O2O sales growing by 26.33% [10].